Division 293 tax notices of assessment issuing soon

29 Jan 2014

The ATO advises that it will start issuing Division 293 tax notices of assessment for the 2012–13 financial year to affected individuals from early February 2014.

If you have clients whose income and low-tax superannuation contributions are greater than $300,000, they may have to pay an extra 15% tax on their taxable contributions. Taxable contributions will be either the low-tax contributions amount or the excess above the $300,000 threshold, whichever is the lower amount.